On July 25, GeLongHui reported that Haitong Securities research reports indicated that China Pacific Insurance (601601.SH) has had a steady overall operation in recent years, achieving revenue of CNY 323.9 billion in 2023; due to the implementation of new accounting standards, net income attributable to shareholders was CNY 27.3 billion, a year-on-year decrease of 27%; total assets increased to CNY 2.34 trillion. With the Company's "Long Voyage Action" promoting the deepening of transformation of its life insurance sector, the gradual improvement of the quality of agents, and the orderly implementation of the community retirement leading the big health blueprint, the property insurance sector is focusing on the construction of a systematic capacity-building. The Company is expected to stand out in the fierce competition in the industry. Currently, the A-share price corresponds to a 2024EPEV of only 0.47x, with a relatively low valuation. The Company is given a 0.6-0.7 times PEV in 2024, with a reasonable value range of CNY 36.33-42.38, and rated as "outperform".
研报掘金丨海通证券：中国太保估值较低，予“优于大市”评级
Research reports by Haitong Securities: China Pacific Insurance has a relatively low valuation, rated as "outperform" in the market.
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